Solution-How much would he need to deposit one year later

How much would he need to deposit one year later

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The First Bank is currently paying 10% interest compounded annually on all deposits. Mr. Smith deposits $100 at t =0. How much would he need to deposit one year later at t =1 to have $275 in the bank the next year, at t =2? By how much would he have to increase his deposit at t =0 in order to have $275 at t =2 without making a deposit at t =1?

Reference no: EM13892360

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How much would he need to deposit one year later

Reference no: EM13892360

Reference no: EM13892360

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